Abstract:
In early 2009, Shanghai Stock Exchange and Shenzhen Stock Exchange formally required quoted companies to disclose financial report based on XBRL. The Usage of XBRL financial report can reduce financial consumers' information processing costs, enhance the speed of information processing and thus improve the efficiency of stock market. This paper employs the Shanghai Composite Index, Shanghai A-share index, Shanghai B-share index, Shenzhen composite index, Shenzhen Component Index, Shenzhen A-share index and Shenzhen B-share index to test the impact of the adoption of financial report based on XBRL on the weak-form efficiency of China’s stock market. No matter which index is used as a proxy for the stock market, the empirical result shows that the adoption of financial report based on XBRL can reduce the deviations from a random walk in stock index time series, thus enhance the efficiency of China’s stock market.
郑济孝. XBRL格式财务报告对中国股市有效性的影响研究[J]. 金融研究, 2015, 426(12): 194-207.
ZHENG Jixiao. Research on the Impact of XBRL Financial Report on the Weak-form Efficiency of China’s Stock Market. Journal of Financial Research, 2015, 426(12): 194-207.
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